Have your say – the Property Stock & Business Agents Regulation is under review

The Property Stock & Business Agents Regulation is under review by Fair Trading (NSW).  The proposed amendments include:

  • supporting continued operation of the property services and real estate sector;
  • maintaining important consumer protections;
  • removing obsolete references and repetition provisions;
  • introducing a unique identifying number for general trust accounts to ensure that banks are accountable for interest paid into the Statutory Interest Account; and
  • allowing the use of various technologies for the keeping of records and communication purposes.

Another issue under consideration is the possible deregulation of commercial property agency work (which would remove the need to hold a licence in certain circumstances).

CommentIf you are an interested stakeholder, you can provide your comments on the draft Regulation before 13 June 2014 by email, post or fax.  Full details are available on Fair Trading’s page.

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